As the first anniversary of the "new bankruptcy law" approaches, the National Association of Consumer Bankruptcy Attorneys (NACBA) has surveyed 700 bankruptcy attorneys about their experiences with the new law. While the new law creates additional hurdles and obstacles, more than 90 percent of attorneys report little or no substantive difference.
The credit card industry lobbied hard for the change in the bankruptcy law, painting a picture of irresponsible debtors running up high credit card bills and then opting out of repayment. However, Henry Sommer, President of NACBA, points out that the means test intended to screen out those debtors has instead demonstrated that very few bankruptcy petitioners have the ability to repay their debts. In addition, the NACBA survey indicated that fewer than 10% of consumer bankruptcy cases were linked to consumer spending issues.
This entry was posted on Thursday, October 5th, 2006 at 5:00 am and is filed under Bankruptcy News and Events. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
I have an attorney that I want to get rid of, but I am in the middle of a Bankruptcy, can I do it and is it smart to do so?